XDx Completes $26.5 Million Private Equity Financing
SOUTH SAN FRANCISCO, Calif., Jan. 5 /PRNewswire/ -- XDx Inc., a molecular diagnostics company, today announced the completion of a new round of financing, raising $26.5 million with a postmoney valuation of more than $115 million. Duff, Ackerman & Goodrich led the investment, with additional participation from Intel Capital, as well as all previous VC investors: Kleiner Perkins Caufield & Byers; Texas Pacific Group Ventures; the Sprout Group (whose healthcare investments are managed by New Leaf Venture Partners); Burrill & Company; Integral Capital Partners; and Bay Area Equity Fund, managed by JP Morgan.
"XDx has established a leadership role in molecular diagnostics and personalized medicine, with a unique technology that will significantly improve patient care and outcomes," said John Cadeddu of Duff, Ackerman & Goodrich. "By helping to improve the clinician's decision-making process and overall patient management while decreasing healthcare costs, XDx's technology is creating a new standard of care. The technology, in combination with a highly qualified management team, makes XDx a great investment."
The recent round of financing follows numerous significant company milestones for its first product to market, AlloMap(TM) molecular expression testing. AlloMap testing is a proprietary new method for non-invasively monitoring the immune system by measuring gene expression in a patient's blood. From a simple blood draw, the test enables physicians to determine a heart transplant patient's risk of rejection. At the close of 2005, the AlloMap test was in use at 11 transplant centers in the United States with several new centers in queue to adopt the test in early 2006.
XDx received CLIA (Clinical Laboratory Improvement Amendments) certification in November 2004, and launched AlloMap testing in January 2005. AlloMap testing was clinically validated at eight of the leading transplant centers, accounting for approximately 22 percent of the yearly U.S. heart transplant population, in a four-year clinical trial called CARGO (Cardiac Allograft Rejection Gene Expression Observational Study). The results of the CARGO study are published in the January 2006 issue of the American Journal of Transplantation.
"The continued interest and support we've received from the venture capital community is testament to our leadership in the molecular diagnostics industry and the ability of our first offering to positively effect the clinical management of heart transplant recipients," said Pierre Cassigneul, chief executive officer, XDx. "We believe this significant increase in valuation reflects the attainment of several milestones for the company, our technology and its future potential."
XDx's technology offers the potential to significantly improve the clinical management of patients with a variety of life-threatening or life-altering immune-mediated diseases. The company is currently conducting clinical studies for the technology in other transplanted organs and various autoimmune diseases.
Cassigneul will discuss these and other milestones during the XDx presentation at the JP Morgan 24th Annual Healthcare Conference on Tuesday, January 10, 2006, 11:00 a.m. PST, at the Westin St. Francis Hotel in San Francisco, Calif.
About XDx Inc.
Founded in 2000, XDx is a molecular diagnostics company based in South San Francisco, Calif. Setting the stage for a new era in personalized medicine, XDx is one of the first companies to develop and commercialize practical applications built on insights from the Human Genome Project. The company has developed a proprietary new method for non-invasively monitoring the immune system by measuring gene expression in a patient's peripheral blood. The technology offers the potential to decrease healthcare costs and significantly improve the quality of life for patients with a variety of life-threatening or life-altering, immune-mediated diseases. More information can be found at www.xdx.com.
About AlloMap(TM) Molecular Expression Testing
AlloMap molecular expression testing is a non-invasive method for determining the risk of rejection in heart transplant recipients. The test translates the complex signals of the immune system's multiple genes and pathways, specifically those associated with heart transplant rejection, into an objective, actionable score. AlloMap testing enables clinicians -- for the first time -- to monitor the immune system early, identifying the risk of tissue damage before it occurs, and to manage immunosuppressive therapy proactively. The clinical value of AlloMap testing was demonstrated in a landmark multi-center, prospective study known as Cardiac Allograft Rejection Gene Expression Observational (CARGO). In addition, clinical trials are currently underway to determine the value of AlloMap testing in lung transplantation. The company also plans to evaluate the utility of this technology in autoimmune conditions such as lupus and Crohn's disease. More information can be found at www.allomap.com.
XDx Inc.CONTACT: Tammy Reilly of XDx, +1-650-624-0120, or TReilly@xdx.com; orKelly McKenna of MS&L, +1-415-278-3318, or Kelly.mckenna@mslpr.com, for XDx